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When you give money or property to another person as a gift, you may have to pay a gift tax. The tax is paid by the donor. The person receiving the gift does not have to pay the tax The exemptions for gifts and the gift tax rates are established by the IRS. In 2009 [...]
The year 2009 was marked by many changes affecting estate planning and related areas on the local, national and international levels, against a backdrop of continuing uncertainty as to how—or if—the federal estate and gift tax applicable exclusion amounts and rates may change for 2010. We are pleased to provide you with a summary of some of [...]
Consider the following before 2009 is over:
Make year-end annual exclusion gifts of $13,000 ($26,000 for a married couple).
Make year-end IRA contributions.
Create 529 Plan accounts before year-end for children and grandchildren, and consider front-loading the accounts with five years’ worth of annual exclusion gifts, taking into account any gifts made during the year to children and [...]
This year the annual gift tax exclusion is $13,000 per person and in 2010 the exclusion will remain the same.
For anyone who has clients or family members that live and work abroad, the new Foreign Account Tax Compliance Act (FATCA) is a real problem. Although this Act is supposed to punish Americans who hide assets abroad to avoid their tax liabilities, the Act doesn’t differentiate between those deliberately hide assets and those who don’t [...]
One of the greatest fears of older Americans is that they may end up in a nursing home. This not only means a great loss of personal autonomy, but also a tremendous financial price. Depending on location and level of care, nursing homes cost between $35,000 and $150,000 a year.
Most people end up paying for [...]
Conservatorship concerns only the conservatee’s financial matters when they need assistance.
New Jersey also has an inheritance tax. An inheritance tax means that when a New Jersey resident dies his or her assets will be taxed on the basis of who inherits those assets
No Tax on Most Inheritances
For most estates, there will be no tax. If a decedent’s estate goes to a spouse, child or further [...]